Dealmaker: KeyBank Secures $138M

March 26, 2018

KeyBank Real Estate Capital, Cleveland, secured $138 million for a Texas seniors housing portfolio and a Florida multifamily property.

In Texas, Keybank secured $90.8 million in FHA 232/223(f) financing for an eight-property seniors housing portfolio. The skilled nursing facilities total 541 units and 1,063 beds.

A joint venture led by Capital Senior Ventures, Baltimore, and BlueMountain Capital Management, New York, acquired the 30-facility pool. The FHA loan proceeds paid off a $315 million bridge loan that a KeyBank-led bank syndicate had provided.

KeyBank Vice President and Senior Mortgage Banker John Randolph said the bank has closed 26 loans totaling $327.4 million over the past 14 months for this large portfolio.

In addition to Randolph, the financing team included Key Healthcare Group Senior Vice President Grant Saunders and Vice President Peter Trazzera, who had structured the initial $315 million syndicated credit facility.

Randolph said KeyBank’s FHA team received a Corporate Credit Review from FHA and subsequently funded the loan applications in four phases to fully refinance the bridge debt.

KeyBank Real Estate Capital also originated $47.2 million in Freddie Mac first mortgage financing for The Glen at Boca in Boca Raton, Fla. The 338-unit garden-style apartment community dates to 1991 and includes 29 two- and three-story buildings.

Key Commercial Mortgage Group Vice President and Senior Relationship Manager Tim DeWispelaere arranged the non-recourse fixed-rate acquisition financing with a 15-year term.